In the private sector, all transactions are voluntary, so
A. individuals are required to participate.
B. there are always winners and losers.
C. presumably all parties benefit.
D. often too few transactions will take place.
Answer: C
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An increase in supply will cause equilibrium price to __________ and equilibrium quantity to __________
a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decrease e. remain constant; increase
When poverty is defined by an relative real income level, what will happen to the poverty rate if the distribution of income is NOT perfectly equal?
A) The poverty rate will increase forever. B) The poverty rate will eventually be zero. C) The poverty rate will always remain constant. D) The poverty rate will change, but always exist.
Suppose you're willing to tutor a student for $10 an hour. The student pays you $15 an hour. What is your producer surplus?
A) $5 an hour B) $10 an hour C) $15 an hour D) $25 an hour E) More than $25 an hour
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the summer than in the winter, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal. b. is vertical. c. is upward sloping. d. has a backward-bending portion.